LSB: A virtual view of self-regulation

Thank you to everyone who joined us for our event ‘A virtual view of regulation’. It was a great opportunity to bring together registered firms, other financial services providers, consumer bodies and other key industry stakeholders.

During the event, we heard from LSB Chair, Chris Pond, and Chief Executive, Emma Lovell who provided updates on our work over the past 12 months, outlined our current priorities, and formally launched our new website. We were also delighted to welcome Chris Hemsley, Managing Director at the Payment Systems Regulator (PSR), who spoke about the importance of the Contingent Reimbursement Model (CRM) Code in providing protections for customers against Authorised Push Payment Scams, and work that continues being done in this space to improve outcomes for customers.

If you missed the event, take a look at our brochure which summarises our recent and upcoming work, or you can view Chris Pond and Emma Lovell’s speeches below.

Chris Pond – Chair, LSB

We wish we could have held this event in person but unfortunately that’s not possible right now. We are hopeful though, that after a challenging 18 months, there is light at the end of the tunnel and we will soon be seeing many of you in person again.

As many of you know, the LSB is the primary self regulatory body for the banking and lending industry, driving fair customer outcomes within financial services through independent oversight. Our registered firms comprise the major UK banks and lenders, credit card providers, debt collection agencies and debt purchase firms. Adherence to our Standards of Lending Practice and the other codes of practice, such as the CRM Code, which sit within our remit is a clear indication that a registered firm is committed to best practice in the treatment of its personal and business customers.

So, onto today’s events. You will firstly be hearing from Emma Lovell, Chief Executive of the LSB on our priorities now and in the future, our recent and upcoming activity and our newly launched LSB website.

We are also delighted to welcome Chris Hemsley, Managing Director at the Payment Systems Regulator, will be speaking to us about the purpose and importance of the Contingent Reimbursement Model Code – the CRM Code – and the PSR’s role in the fight against Authorised Push Payment scams, as well as an update on their current activity.

Emma Lovell – Chief Executive, LSB

Speech highlights

  • The LSB’s goal during the pandemic has remained the same – to drive fair outcomes within financial services through independent oversight.
  • At the beginning of the pandemic, we swiftly adapted our business Standards to to take account of measures introduced by the Government to support lending to SMEs.
  • Azzurro Associates and Atom Bank have signed up to interim registration for the business Standards, demonstrating their commitment to supporting their business customers.
  • The revised Standards of Lending Practice for personal customers have launched, including a new Standard on product and service design to ensure registered firms consider the needs of customers who are at risk of exclusion.
  • Scams have been on the rise in the past year, making the protections of the Contingent Reimbursement Model Code (CRM Code) more vital than ever.
  • We conducted a full review of the Code earlier in the year and are working through a roadmap of activity with the industry.
  • Virgin Money have become the latest firm to sign up to interim registration to the Code.
  • We are conducting a consultation for the Access to Banking Standard, and would welcome your responses before 4 August 2021.
  • Our new website has launched including a new consumer section and improve firm-only hub.

Read the full speech here.

If you would like to reach Chris Hemsley’s speech, you can do so on the PSR website here.

Registering with the LSB signals a commitment to deliver the highest standards of customer treatment.

Find out more about registering.

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